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M&S Bank celebrates 10-year anniversary of reward credit card

31st October 2013 Print

M&S Bank is celebrating the 10-year anniversary of the M&S Credit Card, which launched in October 2003. Over one million customers have held their credit card since launch, and over the past 10-years M&S Credit Card customers have shared £400m in M&S vouchers, with 40 billion points earned during this period.
 
M&S Credit Card customers earn one point for every £1 spent in M&S and one point for every £2 spent elsewhere. M&S points are automatically converted into M&S vouchers and sent to customers each quarter with credit card customers receiving £1 in M&S vouchers for every 100 points earned.
 
Following the success of its reward credit card, M&S Bank brought reward points to debit card spending with the launch of the M&S Premium Current Accounts last year. M&S current account customers earn one point for every £1 spent in M&S using the M&S debit card. In addition, M&S current account customers using an M&S Credit Card earn three points for every £1 spent at M&S.
 
Reward spending is on the increase according to research from M&S Bank as Brits become savvier with their spending, with over half (51%) admitting that loyalty points influence how and where they shop. M&S Bank found that over six in 10 consumers (66%) use some type of reward card, with more than two thirds (69%) regularly redeeming their points; increasing to over 90 per cent for M&S Bank customers.
 
Of those credit card customers who have increased their credit card usage, or taken out a new card (9%), in the last 12 months’, most have done so to get cash back or rewards, with 36 per cent citing this as one of the main reasons. This rises to almost half (45%) among 35-54 year olds.
 
Colin Kersley, CEO of M&S Bank, commented: “The M&S Credit Card has proven really popular and incredibly rewarding for our customers over the last 10-years. It’s fantastic to see that over one million customers have held their credit card since it launched 10-years ago and with reward redemption rates of over 90 per cent we know that our customers really enjoy spending their reward vouchers. As such, we went on to develop the reward debit card last year, enabling our customers to earn reward points on both their debit and credit card spending.”
 
M&S Credit Card benefits:

15 months' shopping with no interest to pay

M&S rewards – customers earn M&S points every time they shop with their M&S Credit Card

Balance transfers – when taking out a new M&S Credit Card today, customers will pay no interest for 12 months on balance transfers made within 60 days of account opening (2.9% fee applies, minimum £5)

Up to 55 days' interest-free credit – when the card balance is paid in full and on time each month

Representative 16.9% APR variable

No cash advance fee when purchasing M&S Travel Money with an M&S Credit Card

24 hour account access – online or by phone

Accepted wherever the MasterCard logo appears - that's over 33 million locations worldwide